More than 64,250 build-to-rent homes are under construction across the U.S., and a small cadre of developers is quietly controlling a disproportionate share of that pipeline. For investors watching the sector’s shift from land‑grab to disciplined rollout, the latest data
from RealPage shows a market that is still expanding but increasingly concentrated, with a handful of platforms now setting the pace on geography, timelines and risk.
A Concentrated National Pipeline
RealPage Market Analytics counts more than 64,250 build-to-rent, or BTR, units under construction by over 200 developers, excluding private or one‑off investors. Those units are slated to deliver through late 2027, suggesting that BTR will remain a meaningful source of new rental stock even as conventional multifamily starts decelerate.
At the same time, RealPage estimates just over 120,000 BTR units currently operational nationwide, with another 139,000 units in the planning stage, underscoring that the existing footprint remains modest relative to the forward pipeline. That imbalance gives today’s under‑construction cohort outsized importance in shaping operating benchmarks, lease‑up assumptions and eventual exit values.
Empire Group and Taylor Morrison on Top
Eight developers now have at least 1,000 BTR units under construction, but only two have crossed the 2,000‑unit mark. Scottsdale‑based Empire Group and Scottsdale‑based Taylor Morrison Inc. lead the ranking with 2,308 units underway across the Midwest, South and West, with deliveries scheduled through November 2027.
Taylor Morrison holds the second slot with 2,171 BTR units underway, concentrated in the South and West and expected to be completed by mid‑2027. The fact that both of the largest BTR developers are Scottsdale platforms reflects Phoenix’s role as an operating and capital hub for the product, even as much of the inventory ultimately lands in Sun Belt and Midwest metros.
Next Tier of Scaled Platforms
Below the top two, three more developers have assembled pipelines large enough to matter at the portfolio and regional‑scale level. Cavan Companies ranks third with 1,893 units under construction, followed by NexMetro Communities with 1,333 units and Core Spaces with 1,206 units.
Rounding out the group of eight 1,000‑plus‑unit developers are Redwood Living Inc. with 1,050 units, American Homes 4 Rent with 1,034 units and Quinn Residences with 1,006 units underway. While these platforms sit below the largest players on absolute volume, their pipelines still equate to multiple full neighborhoods in a typical BTR configuration, giving them scope to drive operating efficiencies and test varied site plans and rent structures.
Tapering Starts, But Not a Retreat
RealPage notes that the BTR construction pipeline has begun to taper, even as it remains historically elevated. In mid‑2025, roughly 64,200 BTR units were under construction nationwide, only slightly below levels seen earlier in the year and still far above the near‑zero base of several years ago.
That shift suggests developers and capital providers are moving from pure growth to a more selective deployment phase, triaging submarkets and paying closer attention to absorption risk and competing for‑sale supply. Yet with more than 139,000 units in planning, there is ample dry powder in the form of entitled or pre‑development sites that can be activated quickly if capital markets and rent fundamentals remain supportive.
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